Listed below are a few events and transactions of Kodax Company. Year 1 January 2 Purchased...

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Listed below are a few events and transactions of Kodax Company. Year 1 January 2 Purchased 8s,000 ahares of Grecco Company comon stock for $491,000 eash. Grecco has 255,000 shares of connon stock outstanding, and its activities will be significantly influenced by Kodax. Septenber 1 Grecco declared and paid a cash dividend of $2.10 per share. December 3 Grecco announced that net income for the year is $498,900. Year 2 June 1 Grecco declared and paid a cash dividend of 52.90 per share. Decenber 31 Grecco announced that net income for the year is $720,400. December 31 Kodax sold 14,000 shares of Grecco for $125, 000 cash. Prepare journal entries to record the above transactions and events of Kodax Company i Listed below are a few events and transactions of Kodax Company. Year 1 January 2 Purchased 8s,000 ahares of Grecco Company comon stock for $491,000 eash. Grecco has 255,000 shares of connon stock outstanding, and its activities will be significantly influenced by Kodax. Septenber 1 Grecco declared and paid a cash dividend of $2.10 per share. December 3 Grecco announced that net income for the year is $498,900. Year 2 June 1 Grecco declared and paid a cash dividend of 52.90 per share. Decenber 31 Grecco announced that net income for the year is $720,400. December 31 Kodax sold 14,000 shares of Grecco for $125, 000 cash. Prepare journal entries to record the above transactions and events of Kodax Company i

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Answer Accounts Titiles and Explanation Debit Credit Date Year 1 Jan02 Longterm investments GreccoCo ... View the full answer